4 Things to Keep in Mind When Embarking On Your Entrepreneurial Journey

October 22 - Monica Eaton-Cardone

Entrepreneurship

As an entrepreneur, it's pertinent to have the right mindset before going into such a tumultuous journey. In order to have the right mindset, you've got to get into the right habits and routines to set yourself up for success.

Here are four things to keep in mind when embarking on your entrepreneurial journey:

1. Always look for ways to turn setbacks into opportunities. I was working as an eCommerce merchant several years ago, and I was getting hit with a ton of fraudulent claims. No one seemed to be able to help, so I said “Fine, I’ll do it myself.” I eventually became an expert on the topic, and that’s when I realized lots of other businesses were suffering from the same issue. I launched Chargebacks911 in 2011, and we’ve grown to more than 350 employees around the world since!

2. Don’t let the fear of failure stop you from acting. I can never over-emphasize this point, because just about anything worth doing will involve some degree of risk. You can’t be afraid to take that first step or let fear paralyze you and stop you from moving forward, and that applies to more than just business. I try to be open to new experiences and ideas, because that is how you grow as an individual. Even if you fail at something, you still learn from that experience.

3. Don’t ignore your own first-hand experience because “experts” advise otherwise. You don’t want to ignore solid advice from people who have years of experience and insight. That said, you should never forget what you learn through your own experiences simply because a supposed expert contradicts it. In my case, I went with expert advice to address the fraud attacks against my business, but nothing seemed to change. Eventually I realized that the experts couldn’t help me; I needed to rely on my own experience.

4. Keep the passion alive within the business. When entrepreneurs start doing things they’re not interested in or which don’t align with their goals, that’s when genuine passion starts to die. They begin to doubt themselves, and when that happens, it’s not long before they give up.